Bricknode raises funds to launch EU licensed securities broker for neobanks and fintechs

Rick Steves

The company has applied for a securities brokerage license and expects the service to be operational by Q1 2023.

Bricknode has secured a loan for SEK 5 million to support the company’s goal of establishing a licenced brokerage subsidiary including the required regulatory and operational capital.

The firm disclosed the terms of the loan, which consist of a loan amount of SEK 5 million for a 1-year term at an interest rate of 1.5% per month.

The SaaS financial services platform has previously announced plans of launching a licensed brokerage subsidiary in 2022 in order to carry out brokerage services for customers who lack their own regulatory permissions.

Bricknode already provides brokerage software and technology to several firms that don’t hold their own brokerage licence via a partnership agreement. The firm, however, wants to secure its own license in order to become the brokerage services provider for its clients instead of sending them to another provider.

Platform + brokerage outsourcing + regulatory umbrella

As new market entrants, including neobanks and fintechs, challenge the trading industry’s status quo, they too face challenges in meeting regulatory requirements and taking new solutions to market quickly. Bricknode aims to extend a regulatory umbrella to such firms that want to offer investment services in the EU.

Bricknode wants to support companies to offer their own investment products through its core brokerage software and technology platform, Bricknode Broker.

The firm is thus establishing a an all-in-one solution for launching new investing services: a software platform, brokerage outsourcing, and a regulatory umbrella.

The company has applied for a securities brokerage license and expects the service to be operational by Q1 2023.

At the time of the announcement, Bricknode founder and chief executive Stefan Willebrand, stated: “Investing is a big market right now and firms seeking to capitalise typically face lengthy development projects and regulatory challenges. By applying for a brokerage licence, we’re moving a step closer to being able to offer our own regulatory umbrella to clients and making it even easier for them to launch investment solutions.”

Bricknode helps firms launch digital banking products, from investment management to funds, lending, deposits and savings. The company also offers outsourcing solutions for back-office administration.

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